planning and its importance in business

Planning: Meaning, Features, Importance, Limitations

Planning is the primary function of management. It is the basic requirement and important input of the management process. It helps to decide, what is to be done, when, and by whom?

Every individual and business plan the line of actions to be followed in the future.

It provides the framework within which coordinating, motivating, and controlling can be undertaken. It is in fact a prerequisite to effective management.

Meaning of Planning by Various Authors

It is deciding in advance what is to be done. It involves the selection of objectives, policies, procedures, and programmers from among alternatives.

M.E Hurley

The plan of action is, at one and the same time the result envisaged the line of action to be followed, the stages to go through, and the methods to use.   

Henry Fayol

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It is deciding in advance what to do, how to do it, where to do it, and who is to do it. It bridges the gap from where we want to go. It makes it possible for things to occur while would not otherwise happen.   

Koontz and O’Donnell

Feature of Planning for any organization

  1. It is Goal-oriented
  2. It is Future-oriented
  3. Its is an Intellectual process
  4. It is the Primary function
  5. It is Pervasive
  6. It is Continuous
  7. It aims at Efficiency

feature of planning - our hipster

Importance of Planning in the Organization

  1. Making objectives clear
  2. Helps the organization a right path
  3. It reduces risk and uncertainty
  4. It improves the efficiency of operations
  5. Provides the basis for control
  6. Facilitates decision making
  7. Effective coordination

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Plannings Limitation in an Organization

  1. It premises may not be fully reliable
  2. Dynamic conditions act as a limitation.
  3. Availability of time is a limiting factor.
  4. The cost involved in planning is also a limiting factor in planning
  5. The mental attitude of management can be a serious limiting factor.
  6. Procedural and policy rigidities also proved to be a hindrance.
  7. Capital invested in the fixed assets may be limited.

limitation of planning - our hipster

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